Is bringing .local TLD a security risk?

Now that the ICANN is allowing custom Top Level Domain names and often corporate IT workers like to use .local as the TLD for internal networks, if someone does buy the .local TLD what are some possible dangers a user could encounter?

The main example I can think of is spear-phishing attacks. If a company has computers like SuperSecureServer.local on their LAN and a malicious attacker makes TotallyARealCorporateServer.local would TotallyARealCorporateServer.local resolve to the attacker's IP? If it did, the attacker could send a bad link then could impersonate a real server and get domain login credentials.